Converting Your LLC to a Corporation: What You Need to Know

Rincker Law Business/Commercial Law Leave a Comment

The limited liability company (LLC) is one of the most commonly used business entity types. For many businesses, forming an LLC provides significant benefits, including flexible ownership arrangements and governance, as well as strategic tax planning. However, as a business develops, it sometimes becomes necessary to consider whether the way the entity is organized best facilitates the company’s future growth. …

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A Champaign Business Law Attorney Explains How to Pick the Right Business Structure

Rincker Law Business/Commercial Law Leave a Comment

Do you have dreams of starting a business? If so, then you may not realize how important it is that you choose the right business structure. With the advice of a Champaign business law attorney, you can ensure that you choose the structure that gives you just the right balance of control and protection. For instance, if you prefer to …

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How to Move a Business to Another State

Rincker Law Business/Commercial Law Leave a Comment

A business owner may relocate a business to another state for a variety of reasons, including increased real estate costs, property taxes, business taxes, or business regulations in the old location; changes in the target market; or even personal or family reasons. Relocating your residence from one state to another requires that you complete several tasks, such as changing your …

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Why You Need an Employer Identification Number

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There are many essential tasks to complete if you are thinking of forming a new business. An important but often overlooked step is obtaining an Employer Identification Number (EIN). An EIN is a nine-digit federal tax identification number obtained from the Internal Revenue Service (IRS). It uniquely identifies a business entity and serves many purposes for a new company. The …

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Overview of Business Entities, Liability and Insurance for the Food and Agriculture Producer

Rincker Law Business/Commercial Law, Food & Ag Law Leave a Comment

[slideshare id=43294080&doc=grownyc-businessentitiesandinsurance-150107134228-conversion-gate02] I spoke last night to GrowNYC Greenmarket Farmers about choice of business entities, liability, and insurance.  A copy of my presentation is available above.  This presentation gives an overview of business entities (e.g., sole proprietorship, general and limited partnerships, limited liability companies, corporations, cooperatives), trusts and not-for profit corporations for farms and food businesses. It then goes on …

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C-Corp, S-Corp, B-Corp- Huh? What’s Best for Your Food and Agriculture Operation

Rincker Law Business/Commercial Law, Food & Ag Organizations Leave a Comment

Under NY Business Corporation Law (“BCL”), a corporation is formed in New York by filing a Certificate of Incorporation with the NYS Department of State.  Individual shareholders will not be held personally liable for the debt of the corporation unless the “corporate shield” can be pierced.  The corporate shield can be pierced in New York if a court finds that the …

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Does Your Farm or Agri-Business Need a “Power Audit?”

Rincker Law Estate Planning Leave a Comment

I really love Neil Harl’s book titled “Farm Estate & Business Planning.”  He briefly talks about the “power issue” when it comes to farm families and warns folks to consider this issue when formulating an estate plan.  He illustrates this point with the following example: “An aggressive, able farmer died unexpectedly just days short of his 50th birthday.  The business, …

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Does Your Farm or Agri-Business Need To File a Certificate of Assumed Name?

Rincker Law Business/Commercial Law, Food & Ag Law Leave a Comment

Many farms and agribusinesses operate as a DBA (“doing business as”) or an “assumed name.”  Many businesses in the state of New York, including those involved in the food and agriculture industry, are not properly registered. Pursuant to Section 130 of the NY General Business Law, no person or entity can “(i) carry on or conduct or transact business in …

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